Glass Wall Systems (India) IPO
GLASSWALL · BSE, NSE · Mainboard · Engineering - Construction
Overview
Updated 12 days agoGlass Wall Systems (India) Limited is a premium façade solutions and fenestration provider in India, with operations in the USA and Australia. The company offers a diverse range of products including curtain wall systems, cladding, and fenestration solutions, and is currently expanding its manufacturing capabilities through backward integration.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 82 | ₹14,924 |
| Retail (max) | 13 | 1,066 | ₹1,94,012 |
| sNII (min) | 14 | 1,148 | ₹2,08,936 |
| bNII (min) | 68 | 5,576 | ₹10,14,832 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Engineering - Construction |
| Price band | ₹172–182 |
| Final issue price | ₹182.00 |
| Face value | ₹2 per share |
| Lot size | 82 shares |
| Minimum investment | ₹14,924 |
| Issue size | ₹428 Cr |
| Fresh issue | ₹60.00 Cr |
| Market cap at upper band | ₹1,540 Cr |
| P/E at upper band | 18.4x |
| Registrar | MUFG Intime India Private Limited |
| Lead managers | IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited |
| NSE symbol | GLASSWALL |
| ISIN | INE644Q01039 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Glass Wall Systems (India) Limited is a leading façade engineering company in India, providing comprehensive solutions in architectural façades and glass curtain wall systems, including installation for commercial and residential properties. The company operates a manufacturing facility in Vile Bhagad, Maharashtra, and has expanded its operations to international markets, including the USA and Australia. The company also acquired Yes Systems Private Limited to enter the premium fenestration market. The company's business is categorized into three main verticals: domestic façade solutions, international façade products supply, and fenestration solutions.
Objects of the issue — how the money will be used
- Funding capital expenditure requirement for setting up of a glass processing unit (GPU Project) at our Vile Bhagad Facility (₹50 Cr)
- General corporate purposes
Key strengths
- Market leadership supported by a diversified business model and strong foothold in domestic and international markets
- Marquee client base with proven track record of successful project execution
- Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure
- Focused on creating environmentally sustainable high-performance solutions
- Experienced Promoters and management team
Key risks
- Dependent on a limited number of key clients for a significant portion of revenue
- Dependent on a limited number of suppliers for raw materials without long-term agreements
- Operations are manpower intensive and subject to risks of work stoppages or wage demands
- Dependent on a single manufacturing facility in Vile Bhagad, Maharashtra
- International operations are subject to risks specific to each country and region
- Inability to protect intellectual property or potential infringement claims
- Inability to effectively manage growth or implement growth strategies
- Contracts are project-specific and not long-term in nature
Promoters
Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 304.34 | -- | 20.25 | 281.76 | 120.91 | 248.53 |
| FY25 | 278.33 | -- | 57.51 | 316.63 | 174.06 | 84.64 |
| FY26 | 456.97 | -- | 83.79 | 468.38 | 259.88 | 66.82 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Glass Wall Systems (India) this issue | 457.0 | 9.90 | 18.4x | 32.03 | 30.91 |
| Innovator Façade Systems Limited | 227.5 | 7.19 | 16.5 | 8.65 | 83.15 |
This issue is priced at 18.4x P/E against a peer median of 16.5x: a premium of 11%. A measurement, not a verdict.
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.